Exercise 3-7 Applying Overhead; Cost of Goods Manufactured [LO3-3, LO3-4] The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred $16,300 143,000 9,300 83,000 149,100 11,30 $ 412,000 Other costs incurred Purchases of raw materials (both direct and indirect) Direct labor cost 413,000 $73,000 Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $21,300 $31,300 $41,300 $ 71,300 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 21,000 machine-hours were used during the year Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Complete this question by entering your answers in the tabs below